starting your venture
TRANSCRIPT
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Starting Your Venture
Dave Jarman. Head of Enterprise & Employability
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In this session
• Why start something?
• Entrepreneurial success
• What should you start?
• Brainstorming for ideas
• Evaluating Ideas
• Facing Failure
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Why start something?
• Why people start businesses:– Because they need to:
• Nature of their industry• Personal circumstances
– Because they want to:• To act on an idea• To be their own boss –
autonomy• To change the world• To do something better• Lifestyle choice
• What would motivate YOU to start something?
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“The best plan (for would-be entrepreneurs) is always to choose a business idea in an area where
they have a genuine passion, rather than something they suspect could make money, but where they have no personal expertise or track
record.”
Mike Southon – The Beermat Entrepreneur
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“Entrepreneur n. a person who undertakes a commercial venture.”
Oxford English Dictionary
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Entrepreneurial Success
• What are the characteristics and abilities of a successful entrepreneur?
• ‘Knowledge’, ‘skills’, or ‘attitudes’?– Things we know– Things we can do– Ways we approach things
• What does this tell us about being an entrepreneur?
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Entrepreneurial Success
• No single model
• No cast-iron factors in determining intra- or entrepreneurialism
• Happens at different points to different people in different ways
• Bottom line: Good at spotting opportunities and taking them (networking, self-awareness, self-efficacy)
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Innovation & Enterprise Skills
• Associated skills/aptitudes– Opportunity recognition
(Commercial Awareness)– Autonomy & Initiative
(Self-Awareness & Self-Efficacy)
– Decision-making capability (with limited information)
– Creative problem-solving– Networking capacity– Strategic thinking– Persuasive capacity
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The Entrepreneurial Team
• Not everyone is ‘the’ entrepreneur
• Quite frankly entrepreneurs by themselves would fail
• An entrepreneurial start-up needs a TEAM:– The Entrepreneur – ideas, confidence, ambition, energy
– The Cornerstones – professional skills, passion, courage, action• (Technical) Innovator
• Delivery Specialist
• Sales Specialist
• Finance Specialist
– The ‘Dream Team’ – specialist knowledge/ability
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What should you start up?
• Solve a problem
• Fill a gap in the market
• 2 principles:
– The Customer is always right
– “If I’d asked my customers what they wanted, they’d have asked for a faster horse.” (Henry Ford)
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Brainstorming for ideas
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Creativity exercises #1 & #2
• Individual exercise– 1 minute to identify as
many different ways of using the object as you can
• Group exercise– 2 minutes to identify as
many different ways of using the object as you can
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“It is better to have enough ideas for some of them to be wrong, than to
always be right by having no ideas at all.”
Edward De Bono
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The PMI (+C)
• P is for Plus
• M is for Minus
• I is for Interesting!
• (C is for Commercial Opportunities)
PMI (C) these:– Marriage as a 5-year renewable contract
– Paint all cars yellow
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Ask the right question
• “How do I build a better mousetrap?”
• Or.. “How do I get rid of the mice?”
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Evaluating Ideas
For an idea to be valuable it has to:
• Have impact– Right customer
– Creates value
• Be feasible– Good product/service
– Good team
• Knowing you have a good idea
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Your challenge…
Near-field communications:• Chips in smartphones
that react when close to emitters
• Enables messages and content to be distributed by geography and proximity
• What could you do with this technology?
• Map your post it notes onto the map
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Expect to Fail
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Facing Failure
• 90% of start-ups fail: Top 4 reasons
– Made something that no-one wants
– Ran out of cash
– Didn’t have the right team
– Couldn’t compete
• The trick is persistence; most successful entrepreneurs have failed multiple times
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Facing Failure
• The more ideas you have the more likely you are to find one that works
• Test it early and test it often (with customers)
• Involve others in the design and development
• Get ready to pivot
• Think big, act small, fail fast.
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Create it Challenge
• 60 second video + 600 characters
• Test your idea, get feedback!
• £100 to be won by the most popular and creative ideas
• Deadline 16th
November
https://bathsparks.wazoku.com
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In this session
• Why start something?
• Entrepreneurial success
• What should you start?
• Brainstorming for ideas
• Evaluating Ideas
• Facing Failure